Brown University signed an agreement yesterday to purchase seven buildings and other properties in Providence’s Jewelry District. The purchase, one of the largest in University history, is a step forward in the University’s efforts to plan for strategic growth beyond College Hill.

PROVIDENCE, R.I. — Brown University signed an
agreement yesterday stating the intention to purchase seven buildings and other
properties in Providence’s Jewelry District. The purchase, one of the
largest in the University’s history, comprises 232,000 rentable square
feet in seven buildings, as well as a 400-car parking garage and related parking
areas. The University has not yet determined how the space will be used.

In a letter to the Brown community announcing the agreement,
President Ruth J. Simmons said the purchase “will provide Brown with new
options for growth as we continue to implement the Plan for Academic
Enrichment.”

The University is purchasing the properties from Belvoir
Properties. The decision to move forward on the purchase was made this week by
the Advisory and Executive Committee of the Corporation.

An Investment in Strategic Growth
Brown University has agreed to purchase seven properties in the Jewelry District (areas shaded in brown, with numbers keyed to property list, below). The University’s Laboratories for Molecular Medicine (in blue) is part of property Brown purchased in 2004 (in red). [Image: Chad Cavanaugh/Brown University]

The properties acquired by the University include:

233 Richmond Street

222 Richmond Street

One Davol Square

Ten Davol Square

196 Richmond Street

339 Eddy Street

349 Eddy Street

These are currently commercial properties, offering office space
and some limited retail space. Brown will honor existing leases and will pay
full property taxes on the facilities as long as they are not used in support of
the University’s institutional mission. If at some point any of the
properties are committed to University use, Brown will begin the 15-year
transition process from fully taxable status to tax-exempt status, a process
outlined in a June 7, 2003, agreement with the City of Providence.

During the last two years, Brown has been engaged in a long-term
planning process that will enable the University to make strategic investments
in facilities beyond the campus on College Hill. Last year, the University
purchased the 11-story 121 South Main Street building that will house
Brown’s Program in Public Health. In 2004, Brown purchased the building at
70 Ship St., which was retrofitted to create the University’s Laboratories
for Molecular Medicine.

The University expects to close on the purchase of these
properties in early 2007.